2025 Valuation Report.pdf
Pt2 LLC, Petitioner V Township Of Meridian, Respondent · 25-002002-TT
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ARCHIVED Valuation Report DB: Meridian Township 2025 09/18/2025 12:48 PM 1,243,700 1,243,700 1,243,700 1,097,088 1,097,088 0 2025 Assessed MBOR S.E.V. Capped ->Taxable<- PRE/MBT 0 19,400 0 0 32,987 0 2025 New Eq. Adjustment Loss Additions Tax Adjustment Losses 1,224,300 1,224,300 1,224,300 1,064,101 3.10 2024 Assessed MBOR S.E.V. Base for Cap C.P.I. Est. TCV/Total Floor Area = 115.36, Most recent sale 05/03/2005 for 2,983,000 2025 Est. T.C.V. 33-02-02-17-379-010 = 2,487,452 % of Stmnt on Parcel: 100 Contribution to Total Parcel Cost = 2,487,452 Income Capitalized Value (Net Income / Capitalization Rate) = 2,487,452 Capitalization Rate = 7.00% Tax Rate = 3.48% Overall Cap. Rate = 10.48% Net Operating Income before Taxes or Capital Charges = 260,685 Total Annual Operating Expenses = 65,171 Non-Itemized Expenses: 65171 Annual Operating Expenses Effective Gross Income = 325,856 Vacancy & Collection Loss 7.00% = -24,527 Gross Income (100% Occupancy + Miscellaneous) = 350,383 @ 16.25/sq. ft. x 21562 sq. ft. = 350,383 <<<<< Income Capitalization Calculations >>>>> Total Estimated True Cash Value of Commercial/Industrial Buildings = 1,682,774 Replacement Cost/Floor Area= 124.71 Est. TCV/Floor Area= 78.04 ECF (2030 RESTAURANT/STRIP MALL RETAIL) 1.490 => TCV of Bldg: 1 = 1,682,774 Total Depreciated Cost = 1,129,379 Eff.Age:34 Phy.%Good/Abnr.Phy./Func./Econ./Overall %Good: 42 /100/100/100/42.0 Reproduction/Replacement Cost = 2,688,997 Total Floor Area: 21,562 Base Cost New of Upper Floors = 2,688,997 Adjusted Square Foot Cost for Upper Floors = 124.71 (10) Heating system: Package Heating & Cooling Cost/SqFt: 16.98 100% Base Rate for Upper Floors = 107.73 Overall Building Height: 14 Stories: 1 Story Height: 14 Perimeter: 802 Class: C Quality: Average <<<<< Calculator Cost Computations >>>>> Costs are taken from the Shopping Centers - Neighborhood cost schedules. Description of Occupancy: EAST OAK SQUARE NBH CENTER Cost Estimates for Commercial/Industrial Building/Section: 1 Built 1988 Total Estimated Land Improvements True Cash Value = 26,813 PARKING LOT / SQ. FT 2.52 38000 28 100 26,813 Description Rate Size % Good Arch Mult Cash Value Commercial Local Cost Land Improvements Description Rate Size % Good Cash Value Land Improvement Cost Estimates 2.01 Total Acres Total Est. Land Value = 744,864 RATE TABLE $8.50/SF 87631 SqFt 8.50000 100 744,864 Description Frontage Depth Front Depth Rate %Adj. Reason Value * Factors * Land Value Estimates for Land Table 2010A.2010A GRAND RIVER RETAIL Map #: MERIDIAN TOWNSHIP EAST LANSING, MI 48823 Property Class: 201 2843 GRAND RIVER AVE 33-02-02-17-379-010 2025 Est. T.C.V. PT2 LLC